Section 134 of Companies Act, 2013 along with Rule 8 of Companies (Accounts) Rules, 2018 details the matters to be included in Board’s Report which shall now include a disclosure on maintenance of cost records, if applicable and a statement for compliance of provision relating to the constitution of ICC under Sexual Harassment Act, 2013.
Further, Rule 8 would not apply to One Person Company (OPC) and Small Company and accordingly, a new rule i.e. Rule 8A has been introduced for same.

Highlights of changes made by Ministry of Corporate Affairs (MCA) vide notification dated August 7, 2018, in the provisions of Section 42 read with Rule 14 of Companies (Prospectus and Allotment of Securities) Rules, 2014, i.e. Private placement of securities are detailed briefly in the bullein.

In continuation to SEBI circular dated January 5, 2018, which had mandated the use of Electronic Book Provider platform (EBP Platform), for private placement of securities, SEBI has decided to provide some additional facilities effective from October 1, 2018 with a view to further rationalize and ease the process of issuance of securities on Electronic Book Provider (EBP) platform.

MCA vide notification dated August 21, 2018 has issued Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2018 and Companies (Registration offices and Fees) Fourth Amendment Rules, 2018. The amendment rules have extended the last date of filing of Form DIR – 3 KYC upto September 15, 2018 from August 31, 2018 for the current financial year (2018-2019), and waive off fee till September 15, 2018. Further, a fee of Rs. 5,000/- shall be payable on all delayed filing on or after September 16, 2018.

The Reserve Bank of India (RBI) has implemented all new filings for FC-GPR, FC-TRS, LLP-I, LLP-II and CN in Single Master Form (SMF- introduced on June 7, 2018) w.e.f September 1, 2018. The other four forms viz., ESOP, DI, InVi and DRR would be made available subsequently.
Further, where the entities which were unable to register for the Entity Master, they may do so from September 1, 2018.

Through this newsletter, we want to share the brief of notifications/circulars issued by from Ministry of Corporate Affairs (MCA), Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and other authorities including Insolvency and Bankruptcy Board of India (IBBI), National Company Law Tribunal (NCLT) and Stock Exchanges in the month of August 2018.